(MENAFN- ProactiveInvestors) OvaScience () a global life sciences company had its price target raised to $100 per share from $40 per share today at H.C. Wainwright which cited better-than-expected interest from Augment Centers of Excellence customers.
H.C. Wainwright which reiterated its buy rating on the shares pointed to management’s strong execution record to date in speeding IVF technologies from preclinical to clinical and finally to commercial stage and the research firm’s new assumptions on the IVF market opportunity for AUGMENT.
The Cambridge Massachusetts-based company yesterday disclosed the four pilot geographies of AUGMENT’s rollout: Canada UK Turkey and UAE.
“We applaud management for what in our view is a strategic choice of regions” analyst Andrew Fein wrote in a research note today.
He said the UK adds a “legacy” component to AUGMENT while Turkey and the UAE provide bread-and-butter markets for revenue growth and Canada Toronto in particular provides an "incidentally perfect destination" for IVF tourism for the US.
HCW said OvaScience beat expectations with two key metrics: 150 patients treated in 2014 compared to original guidance of only 40 cycles and a projected price range of $15000 to 25000/cycle during the commercial rollout in 2015.
OvaScience consolidates its operations and starts generating revenue from its pilot geographies with 1000 patients expected to be treated in 2015 HCW said.
“We believe that perhaps the most valuable feature of the rollout is the company’s planned AUGMENT international registry” Fein said.
He said that this may eventually serve to generate data on the performance of the technology in general and in specific population subsets which may in turn be leveraged to assure the more data-driven analysts investors and clinicians.
Beyond AUGMENT OvaScience remains on track for OvaPrime’s debut in 2015 following recent POC data in non-human primates and is ramping up preclinical efforts on the OvaTure technology assisted by partner Intrexon (hormone-free ex-ovary egg maturation and fertilization).
Shares of OvaScience surged 39 percent to $48.48 at 2:09 p.m. in New York. The stock has more than quintupled this year.
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